Some economists and the financial press believe that the U.S. in the 1990s and Japan in the 1980s experienced economic growth driven by a positive productivity shock. The economic growth was accompanied by growth of money and credit aggregates. Proponents of real business cycle considered the money growth benign, while adherents of the natural rate theory viewed it as beneficial because either the price level was stable or inflation rates were extremely low.

Hans-Hermann Hoppe A Theory of Socialism and Capitalism Acrobat 3.0 Import Plug-in

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 From the Journal des Economistes et des Etudes Humaines Bilingual Journal of Interdisciplinary Studies, Vol. 11, No. 4, December 2001.

The 1920s and 1930s were a glorious era in the history of the Austrian School of economics. In those days, the city of Vienna saw the first genuine culture of scholars working in the tradition established by Carl Menger, and this culture radiated throughout the rest of the German-speaking world and into other countries.

Ludwig von Mises (29 Sept. 1881-10 Oct. 1973), economist and social philosopher, was born Ludwig Heinrich Edler von Mises in Lemberg, Austria-Hungary (today, Lviv, Ukraine), the son of Arthur von Mises, a railroad engineer and civil servant, and Adele von Mises, born Adele Landau. Von Mises was still a small boy when his family moved to Vienna. In 1892 he entered the Akademisches Gymnasium, where he received a humanistic education and befriended Hans Kelsen. Early on, von Mises was particularly interested in history and politics.

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This monograph addresses a critically important issue: the prevailing view that deflation (falling prices and/or falling money stock) is a catastrophe that must be stopped. Jorg Guido Hulsmann shows that deflation is nothing to fear. The government should permit it to happen as a path to economic recovery and even as a tool to reform. Institutions that are liquidated in deflation need to be liquidated, and that includes banks and other financial institutions as well.

Mises Institute, 2001, essay on the occasion of the 200th anniversary of his birth.

A Man of Principle: Essays in Honor of Hans F. Sennholz
John W. Robbins and Mark Spangler, eds.
Grove City, Pennsylvania: Grove City College Press, 1992.

From The Review of Austrian Economics Vol. 4 (1990): 26–54.